The financial institution Wise, formerly known as TransferWise, was founded in 2011 with an innovative proposal in the international transfer sector. Created by Kristo Käärmann and Taavet Hinrikus, the company was born to solve the problem of high exchange rates applied by traditional banks. Wise revolutionized the market by offering a cross-border money transfer service with transparent fees, close to the real exchange rate.
With early success, Wise expanded its operations and, in 2017, introduced a multicurrency debit card, an ideal complement to its transfer services. This card allows users to move and use money in different currencies worldwide, all from a single account, eliminating the need to pay exorbitant fees for currency conversions in international transactions.
1. How to apply for a Wise card?
The process of acquiring the Wise debit card is simple and entirely digital. Customers start by creating a Wise account, which can be done directly through the website or the mobile app.
The first step involves filling out basic information such as name, email, and password, followed by identity verification, which is done by submitting official documents such as a passport or identity card.
After creating the account and verifying identity, the customer can apply for the multicurrency debit card. Wise will send the physical card to the customer’s address, which may take a few days or weeks, depending on the geographic location.
It is worth noting that applying for the card does not require opening a traditional bank account, making access to the service even easier, especially for those seeking quick and practical solutions for their international transactions.
2. What are the rules for obtaining a Wise card?
Although Wise is a digital financial institution, there are still basic requirements that customers must meet to obtain a debit card. The minimum age to apply for the card varies by country, typically being 18 years old.
As the company offers an international payment service, there is no requirement for proof of minimum income or credit score analysis, which sets it apart from many traditional institutions.
However, applicants must have access to an internet-connected device to complete the registration and verification process.
Additionally, customers must provide a valid mailing address for the physical card to be sent, and in some cases, a phone number for additional verification may be required.
3. What are Wise’s most popular cards by continent?
With global operations, Wise offers its multicurrency debit card in various regions worldwide, providing users the convenience of accessing multiple currencies in a single account. Below, we analyze the main Wise cards by continent.
3.1. Wise cards in Europe
In Europe, the Wise debit card stands out for its ease of use in countries that have adopted the euro, as well as in other European Union member states with different currencies. The card is widely accepted across the region, allowing users to make purchases and withdrawals in different countries without hidden fees.
Its acceptance in countries such as the United Kingdom, France, Germany, and Spain enhances its popularity, especially among travelers and expatriates.
In addition, Wise offers direct integration with local banking systems, facilitating currency conversion and allowing customers to hold balances in various currencies, which is a major attraction for people who live or work in multiple European countries.
3.2. Cards in North America
In the United States and Canada, Wise has also gained traction, especially among people who frequently travel or conduct transactions between these nations.
The card allows users to make purchases in local currency or withdraw money from ATMs without the typical exchange rate fees charged by North American banks.
Another advantage is that the card can be used both online and in physical stores, with support for different payment platforms such as Apple Pay and Google Pay, making it a practical option for quick and secure transactions.
3.3. Cards in South America
The growing demand for international payment solutions in South America has led to the increasing popularity of Wise’s services in the region. Countries such as Brazil, Argentina, and Chile are seeing a gradual adoption of the Wise card, particularly among freelancers, entrepreneurs, and tourists who need access to various currencies for their operations.
Wise has expanded its services to meet the specific needs of the South American market, offering support for transactions in local currencies such as the Brazilian real and the Argentine peso, making the card easier to use for both local and international purchases.
3.4. Wise cards in Central America
In Central America, the Wise card is increasingly used by digital nomads and expatriates, particularly in popular destinations like Panama and Costa Rica.
The flexibility offered by the card, which allows users to manage multiple currencies without the need for physical exchange, is one of the main reasons for its growing adoption in this region.
Additionally, Wise provides efficient support for transfers and payments in different Central American currencies, making the card ideal for those who need to handle multiple financial transactions without worrying about exchange rate fluctuations.
3.5. Cards in Africa
Although the use of Wise cards is still growing in Africa, there is an increasing number of users, particularly in countries with significant international capital flows, such as South Africa and Kenya.
Wise’s multicurrency card offers an affordable solution for local populations and those who need to send or receive money from abroad.
Wise is expanding to include more local African currencies in its portfolio, which enhances its appeal to consumers and businesses that require financial services without the high fees imposed by conventional banks.
3.6. Cards in Oceania
In Oceania, especially in Australia and New Zealand, Wise has emerged as a viable solution for travel and money transfers between continents.
The multicurrency card is widely accepted in the region, offering users the advantage of operating in currencies such as the Australian and New Zealand dollars without traditional bank fees.
Additionally, Wise has been expanding its partner network in the region, further facilitating daily financial operations, whether for local residents or tourists.
3.7. Wise cards in Asia
In Asia, Wise has attracted a large customer base, especially in countries such as Japan, Singapore, and Hong Kong, where the demand for global financial transactions is high.
The Wise card offers a convenient way to access and spend in various currencies, making it an indispensable tool for entrepreneurs and tourists who need an efficient and economical solution.
The growth of fintechs in Asia, combined with the increasing acceptance of digital cards, has helped Wise expand its operations on the continent, offering a reliable and affordable solution for both local and international populations.
4. Conclusion
Wise’s multicurrency debit card is a modern and efficient solution for those who need to conduct international transactions affordably and without hidden fees.
With a growing global presence, Wise continues to transform the financial services market by offering flexibility and convenience in various currencies.
The simplicity of use, combined with transparent fees and support for multiple continents, makes Wise an attractive option for consumers and businesses seeking an integrated solution for their international financial needs.